NYDIG received $100 million as additional growth capital from key insurers.

New York Digital Investment Group (NYDIG) announced Thursday its raise of $100 million as additional growth capital from strategic insurance partners including property and casualty (P&C)-focused insurers Starr Insurance, Liberty Mutual Insurance, and other P&C insurers. The firm already partners with life insurance and annuity-focused strategic partners New York Life and MassMutual. (CISION PR Newswire)

Just last month, NYDIG raised $200 million from marquee investors such as Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, FS Investments, Bessemer Venture Partners, and FinTech Collective.

At the time it said it would work with these “partners” on bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.

Bringing bitcoin to the insurance industry

NYDIG has beefed up top management to oversee its thrust into bitcoin-powered products and services for the $6 trillion/year global insurance industry.

It said Mike Sapnar, CEO of TransRe, one of the world’s largest reinsurers, would come on board to oversee NYDIG’s insurance activities as well as drive “bitcoin-driven innovation in the global property and casualty (P&C) industry.”

Meanwhile, bitcoin-powered solutions for U.S.-based life insurance and annuity providers would be the preserve of Matt Carey, NYDIG’s U.S. Head of Insurance Solutions.

“The global property & casualty (P&C) industry is huge, paying out over $1 trillion in claims annually,” said Robert Gutmann, co-founder, and CEO of NYDIG. “I am excited to welcome Starr and Liberty Mutual to NYDIG, as part of our expansion of bitcoin into new areas of insurance.”

“Fiat depreciation causes inflation in fiat premiums while collapsing the purchasing power of claims,” said Ross Stevens, CEO of Stone Ridge and Executive Chairman of NYDIG. “We see a brighter bitcoin-powered future for the billions who depend on the insurance industry every year.”

Related Story:    Venerable Mass Mutual Hops Onto The Crypto Bandwagon; Buys $100M Bitcoin